German exports down in May (upd)

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LAST UPDATE 10:41

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German exports eased slightly in May, down 0.5% from the previous month, while imports beat estimates with a 2.7% increase.

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Estimates were for a monthly increase in exports of 0.9%.

The unexpected drop in exports comes on the back of weaker demand from European Union countries, which saw a 2.8% drop in exports compared to April 2022.

Thomas Gitzel, chief economist at VP Bank, stressed that the decline in exports should not be overemphasized.

“But the number of negative reports is increasing, so a sober picture of the data leaves a feeling of concern,” he added.

Most German exports were to the US in May, with 5.7% more goods exported there than in the previous month, at 13.4 billion euros.

German exports to Russia rose 29.4% in May from the previous month, after falling 60% in May due to sanctions.

In May, Germany posted a seasonally adjusted trade deficit of 1 billion euros, against estimates of 2.7 billion euros.

Source: Capital

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